Victoria’s Secret, Nike Supplier At Five-Week High As Chairman Adds Shares

Shares in Regina Miracle International, a retailer of insinuate wear and sportswear whose business embody Victoria’s Secret, Under Amour and Nike, sealed during a five-week high in Hong Kong on Friday as a authority combined to his interest in a company.

Hung Yau Lit fork dual million shares during an normal cost of HK$6.69, and now binds 72.8% of a business, according to a association statement.   The purchases helped Regina’s shares to benefit 0.9% to HK$6.86 on Friday, their best tighten given Aug 10.

Regina’s gain and shares have been harm by troubles during U.S. business including Victoria’s Secret.  Shares in L Brand, a U.S.-listed owners of a Victoria’s Secret brand, have declined by 40% in a past year. Another U.S. customer, Under Armour, has also struggled; a batch has mislaid some-more than half of a value in a past year.   Regina’s net distinction for a year finale in Mar plunged by 77.9% to HK$97.6 million, or $12.5 million; a net distinction domain during that duration forsaken from 8.7% to 2.1%.

Regina’s shares, yet down by some-more than a third in a past year, have rebounded from a 2017 shutting low of HK$5.56 in May on hopes for liberation in business from comparison business and new orders from Nike, Uniqlo and Gap.

Hung, a high-school dropout, was a Velcro salesman early in his career before environment adult his possess production business. Regina went open in Hong Kong in 2015.  Hung was a member of a 2016 Forbes Billionaires List though a dive in Regina’s shares led him off a list.  He’s still value approximately $780 million.

-Follow me on Twitter @rflannerychina

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